Write short note on Concept of demand
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Lesson Summary. Demand for a given good is the consumers' willingness and ability to consume that good, and it is often represented by a downward-sloping line called the demand curve. The inverse relationship between price and quantity demanded of a good is known as the law of demand.
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Concept of Demand:
- Demand means that the quantity of a product a person is willing to purchase at a given cost during a period of time.
- So, when the cost of a product increases, automatically the 'demand for that product' decreases and vice-versa.
- It is important to understand the 'concept of demand' as it helps in analyzing the current and future demand.
The 'factors' that affect market demand are:
a) The cost of the good.
b) The cost of related goods
c) Revenue of the buyer
d) Number of the consumers
e) 'Tastes and preferences' of the consumer '
f) The distribution of income
Learn more about the concept of Demand:
Acknowledgment of concept of demand and law of demand
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Give reason "Concept of Elasticity of Demand helps trade union leaders".
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